As part of the nationwide effort to combat mortgage fraud, the Residential Mortgage-Backed Securities (RMBS) Working Group has launched a website where people can report incidents of fraud involving mortgage-based securities. The task force is actively encouraging whistleblowers to come forward and report misconduct or deceptive practices, which may help facilitate their ongoing investigations.
The RMBS Working Group — a collaborative task force backed by the the Department of Justice and the Securities and Exchange Commission, and including Attorneys General from several states — is dedicated to the investigation of fraud, and upholding the law in bringing perpetrators to justice.
The RMBS encourages insiders who have witnessed greed and gross misconduct to step forward, noting how critical their information is to ongoing investigations and stating that the RMBS will do everything possible to maintain their confidence and trust, while protecting their ability to speak out without fear of retaliation. Whistleblowers can use the website — www.stopfraud.gov — to file reports, expose fraud, and help law enforcement hold perpetrators accountable.
"When whistleblowers summon the courage to come to us, we will do everything we can to maintain their confidence and trust," said Acting Associate Attorney General Tony West in a recent statement.
Corporate whistleblowers have played a significant role in the industries-wide battle against fraud and misconduct that fueled the foreclosure crisis. Insider information from within the banking industry with regards to “robo-signing” helped lead to the massive, $25 billion national mortgage settlement announced earlier this year, and whistleblowers continue to assist in investigations and facilitate the justice process.